Release Number 8570-22

CFTC Staff Extends Temporary No-Action Letter Regarding Certain Position Aggregation Requirements

August 10, 2022

The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) today announced it has issued a no-action letter temporarily extending CFTC Staff Letter No. 19-19, regarding certain position aggregation requirements, which expires August 12. CFTC Staff Letter No. 22-09, issued today, provides that DMO will not make an enforcement referral to the Commission with respect to CFTC Regulation 150.4, subject to certain conditions, including compliance with:

  • Streamlined notice filing requirements;
  • Revised definitional conditions, for purposes of complying with the aggregation requirements, for eligible entities, independent account controllers, and commodity trading advisors; and
  • Limited aggregation requirements for the “substantially identical trading strategies” rule.

The no-action letter also gives DMO time to assess the impact of the final rule “Position Limits for Derivatives,” 86 FR 3236 (Jan. 14, 2021), on the aggregation requirements in CFTC Regulation 150.4 and consider the need for regulatory action, including a notice and comment rulemaking.  The letter will remain in effect until the earlier of either August 12, 2025 or the effective date of any rulemaking.